Oil prices rose sharply after Iran's missile attack on Israel
After Israel destroyed the leaders of Hamas and Hezbollah and began an operation in Lebanon to clear the border zone of terrorists, Iran attacked Israel with hundreds of ballistic missiles.
But Israeli Prime Minister Benjamin Netanyahu said that "the country's best air defenses in the world repelled the attack, and Iran will soon pay for its actions."
The Wall Street Journal reports that Israel has warned Iran of direct strikes on nuclear or oil facilities in the event of any attack on its territory.
November futures for Brent oil yesterday rose by 4% to $74.5/barrel (0% for the week, -2.8% for the month), and for US WTI oil - by 4% to $70.9/ barrel (-0.8% for the week, +2% for the month).
Positive news about the US economy, including a stronger-than-expected labor market, sent the dollar index higher against other currencies to a two-week high, also supporting oil prices.
The rise in oil prices will once again come in handy for the Russian Federation, which continues to increase crude oil exports to continue the war against Ukraine. According to Bloomberg, in the period from September 23 to 29, oil exports from the Russian Federation increased by 850,000 barrels/day to a 3-month high of 3.74 million barrels/day. Prices for Russian Urals oil for the week fell by 4.2% to $66.4/barrel (-11% for the month0) against the background of reduced demand and increased sanctions against the shadow fleet of the Russian Federation.
Today's US inventories report will also weigh on prices, but the speculative rise in quotes is likely to continue, supporting vegetable oils and oilseeds prices.
